Saturday, April 19, 2008

Ning is growing at 1000 new networks a day ( + new investment round details)

We recently filed an SEC-mandated Form D for a new Ning investment round that we were not otherwise going to talk about -- but VentureBeat discovered the filing and so the news is out.

The specifics are:

  • We have raised about $60 million net in a private Series D equity round.

  • The pre-money valuation was $500 million, making the post-money valuation about $560 million.

  • Our friends at Allen & Company helped us orchestrate the round.

  • The new investors are large institutions who are not particularly looking for publicity.

  • We raised the money to enable us to keep scaling given our accelerating growth (over 230,000 networks on Ning now, growing at over 1,000 per day) and to make sure we have plenty of firepower to survive the oncoming nuclear winter. At current growth rates, we don't need it to get to cash flow positive, but having lived through the last crunch, it's good to be conservative with these things.

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